Northern Rock are the first personal loans lender to make changes to the conditions of their personal loans deals. Northern Rock did stand out from the crowd offering a 10-year personal loan, so this latest move brings them back in line with the market.
As interest rates continue to rise and lenders withdraw from the personal loans market, borrowers will face not only higher prices but also less choice. Increasing rejection rates would also indicate that personal loans lenders are making behind the scenes changes to their credit checking criteria.
It's becoming a much more cautious lending environment. Borrowers must take the time to find the best personal loan deal for them. Many of the personal loan rates now advertised are typical rates, so you could find yourself paying a rate higher than that advertised.
Best buy personal loans - £10,000 over 5-years
Best buy personal loans - £5,000 over 3 years
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.